Zen Capital Management Delivers Loss for October, Outperforms Peers

Sydney, Australia – The Zen Capital Management Global Fund SP fell 2.53% during the month of October. Of this 1.74% is attributable to trading activities whilst the remainder reflects fund administration and management costs.

Managing Director, Gregory Carroll said “We are disappointed to be delivering our investors a negative return for our inaugural month. However, our trading performance was quite good relative to the industry. Based on preliminary readings the HFRI Macro Index fell 2.19% over the month whilst the HFRI Macro Systematic Diversified Index fell 3.47%”.

Despite the loss, the fund achieved a very low level of volatility despite choppy market conditions. Mr Carroll said “we are pleased to report our volatility over the month, as measured by Daily Standard Deviation, was just 33% of the volatility recorded by the S&P500. This is well ahead of our target of 50%.”

Equities, commodities and currencies recorded strong gains in August and September. As such, Zen launched its fund at what was likely to be a difficult time. Mr Carroll said “We knew launching on 1 October would be challenging given some investors would be taking profits on gains from prior months whilst others would be positioning their portfolios ahead of the US elections”.

Zen believes market conditions will remain volatile in the months ahead as market participants absorb the outcome of the US Elections and ponder solutions to the pending “Fiscal Cliff”.

About Zen Capital Management:

Zen Capital Management was formed in 2012 with the sole purpose of providing Investment Advisory services to the Zen Capital Management Global Fund SP. The company employs a proprietary investment process which is driven by a rigorous quantitative model, macro-economics, and a decade of experience in financial markets.

Zen’s strategy is highly scalable since it only trades highly liquid, exchange-traded securities consisting predominantly of index and commodity futures, exchange traded funds and stocks. The fund also trades highly liquid currency pairs in the global interbank market.

The fund is Cayman-domiciled and is currently available to wholesale investors who are non-US taxpayers. The fund is administered by Apex Fund Services and all trading is through Interactive Brokers LLC. The fund commenced trading on 1 October 2012.


For more information please contact:

Gregory Carroll
Managing Director
Zen Capital Management Pty Ltd
+612 8005 2308

Keywords: Global Macro, Hedge Fund.